When the government restricts the quantity of a good to zero
A) an underground market develops.
B) there is none of the good available anywhere.
C) people's demand for the product evaporates.
D) producers stop all production.
A
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Refer to Scenario 5.5. Which of the following statements is true?
A) The expected cost of not fixing the car is less than the cost of fixing it. B) The expected cost of not fixing the car is greater than the cost of fixing it. C) It is not possible to tell whether the expected cost of fixing the car is less than the cost of fixing it, because the probabilities are subjective. D) It is not possible to tell whether the expected cost of fixing the car is less than the cost of fixing it, because the probabilities are not equal.
The financial crisis and recession which began in 2007
A) was only severe in the United States. B) impacted only low-income countries. C) had a global impact. D) impacted only high-income countries.
Economics is most importantly concerned with: a. how to profit from trading in the stock market
b. government taxation and spending. c. studying how we allocate scarce resources to satisfy unlimited wants. d. how to successfully launch a business.
The overall effect of accounting for purchases of foreign goods in GDP reduces GDP
a. True b. False Indicate whether the statement is true or false